Genesis, The World's Largest Crypto Currency Lender, Announced A 30% Layoff Due To Financial Difficulties

According to the Wall Street Journal, Genesis Global Trading, the world's largest crypto lender, cut 30% of its workforce on Thursday, according to the Wall Street Journal, in the latest sign of financial difficulties for the company.

US media pointed out that the company suffered huge losses due to loans provided to trading firm Alameda Research and cryptocurrency hedge fund Three Arrows Capital. Alameda and Three Arrows both filed for bankruptcy last year.

Pickpook learned that a Genesis spokesperson said: “As we continue to overcome unprecedented industry challenges, Genesis has made the difficult decision to lay off employees around the world. These measures are part of our ongoing efforts to drive business development.”

Earlier, Genesis interim CEO Derar Islim said the company needed more time to resolve the financial crisis that was brewing in the business.